UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report: (Date of earliest event reported): August 26, 2015
Chico’s FAS, Inc.
(Exact Name of Registrant as Specified in its Charter)
Florida
(State or Other Jurisdiction of Incorporation)
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001-16435 | | 59-2389435 |
(Commission File Number) | | (IRS Employer Identification No.) |
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11215 Metro Parkway, Fort Myers, Florida | | 33966 |
(Address of Principal Executive Offices) | | (Zip code) |
(239) 277-6200
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On August 26, 2015, Chico’s FAS, Inc. (the “Company”) issued a press release announcing its second quarter and year-to-date earnings for the period ended August 1, 2015. A copy of the release issued on August 26, 2015 is attached to this Report as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
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Exhibit 99.1 | | Press Release of Chico’s FAS, Inc. dated August 26, 2015 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | | | | CHICO’S FAS, INC. |
| | | |
Date: August 26, 2015 | | | | | | By: |
| | | | | | /s/ Todd E. Vogensen |
| | | | | | Todd E. Vogensen, Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary |
INDEX TO EXHIBITS
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Exhibit Number | | Description |
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Exhibit 99.1 | | Press Release of Chico’s FAS, Inc. dated August 26, 2015 |
Chico’s FAS, Inc. • 11215 Metro Parkway • Fort Myers, Florida 33966 • (239) 277-6200
Chico's FAS, Inc. Reports Second Quarter Results
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• | Adjusted EPS of $0.25, a 25% increase compared to last year |
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• | Net sales increase of 1.4%, reflecting positive comparable sales |
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• | Gross margin improvement of 140 basis points |
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• | Announces plan to exit Boston Proper |
Fort Myers, FL - August 26, 2015 - Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2015 second quarter and twenty-six weeks ended August 1, 2015, and a plan (the "Plan") to sell the Boston Proper direct-to-consumer ("DTC") business and close its existing stores.
For the thirteen weeks ended August 1, 2015 ("the second quarter"), the Company reported adjusted net income of $35.5 million compared to net income of $30.1 million for the thirteen weeks ended August 2, 2014, and second quarter 2015 adjusted earnings per diluted share of $0.25 compared to earnings per diluted share of $0.20 in last year’s second quarter. The second quarter adjusted results exclude net charges of $0.23 per diluted share in 2015 related to the Plan to exit Boston Proper and restructuring and strategic charges (the "Net Charges"), as presented in the accompanying GAAP to Non-GAAP Reconciliation. Including the impact of the Net Charges, the Company reported second quarter 2015 net income of $2.1 million, or $0.02 per diluted share.
For the twenty-six weeks ended August 1, 2015, the Company reported adjusted net income of $77.3 million compared to net income of $70.0 million for the twenty-six weeks ended August 2, 2014, and adjusted earnings per diluted share of $0.53 compared to earnings per diluted share of $0.46 in the same period last year. The adjusted results exclude Net Charges of $0.29 per diluted share in 2015, as presented in the accompanying GAAP to Non-GAAP Reconciliation. Including the impact of the Net Charges, the Company reported net income of $34.6 million, or $0.24 per diluted share in 2015.
Net Sales
For the second quarter, net sales were $680.4 million, an increase of 1.4% compared to $671.1 million in last year’s second quarter, primarily reflecting 23 net new stores for a square footage increase of 1.3% and a 0.5% increase in comparable sales. The 0.5% increase in comparable sales for the second quarter was on top of a 0.3% increase in last year’s second quarter, and reflected an increase in average dollar sale partially offset by a decrease in transaction count.
Comparable Sales
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| | | | | | | | | | | |
| Twenty-Six Weeks Ended | | Thirteen Weeks Ended |
| August 1, 2015 | | August 2, 2014 | | August 1, 2015 | | August 2, 2014 |
Chico's | (0.8 | )% | | (0.1 | )% | | 0.9 | % | | 0.7 | % |
White House | Black Market | 0.0 | % | | (5.4 | )% | | (1.9 | )% | | (1.9 | )% |
Soma | 5.7 | % | | 6.7 | % | | 5.1 | % | | 4.7 | % |
Total Company | 0.2 | % | | (1.2 | )% | | 0.5 | % | | 0.3 | % |
Gross Margin
For the second quarter, gross margin was $366.0 million compared to $351.5 million in last year’s second quarter. Gross margin was 53.8% of net sales, a 140 basis point increase from last year’s second quarter, primarily
reflecting a decrease in promotional activity in response to improved inventory management, and benefits from previously announced cost reduction efforts, partially offset by an increase in accrued incentive compensation.
Selling, General and Administrative Expenses
For the second quarter, selling, general and administrative expenses (“SG&A”) were $308.4 million compared to $304.7 million in last year’s second quarter. SG&A was 45.3% of net sales, a 10 basis point decrease from last year’s second quarter, primarily reflecting benefits from previously announced cost reduction efforts, partially offset by an increase in accrued incentive compensation and occupancy costs.
Restructuring and Strategic Charges
For the second quarter, the Company recorded pre-tax restructuring and strategic charges of $16.2 million, primarily related to non-cash property and equipment impairment charges for the Boston Proper stores. On an after-tax basis, the second quarter impact of these charges was $10.1 million, or $0.07 per diluted share.
Impairment Charges
For the second quarter of fiscal 2015, in connection with the Plan, the Company determined that certain Boston Proper intangibles were impaired and recorded $66.9 million in pre-tax, non-cash goodwill and trade name impairment charges ("Impairment Charges"), comprised of $48.9 million related to goodwill and $18.0 million related to the trade name. On an after-tax basis, second quarter Impairment Charges were $47.1 million, or $0.33 per diluted share.
Income Tax Benefit
Excluding the tax benefits related to the Plan, the 2015 second quarter effective tax rate would have been 37.7% compared to an effective tax rate of 35.5% for the same period last year, primarily reflecting favorable state tax settlements in fiscal 2014.
Inventories
At the end of the second quarter of 2015, inventories totaled $250.3 million, when including inventory related to the Boston Proper DTC business, compared to $238.1 million in last year's second quarter. Inventories per selling square foot decreased 5.7%, when excluding in-transit inventories, primarily reflecting improved inventory management and lower average unit cost compared to the second quarter last year. In-transit inventories increased by $20.3 million, primarily reflecting longer in-transit times and accelerated shipping dates to facilitate timely merchandise receipts.
Assets and Liabilities Held for Sale
At the end of the second quarter of 2015, current assets included $85.9 million in assets held for sale, primarily comprised of $61.9 million in Boston Proper DTC assets and $16.4 million in vacant land. Current liabilities included $7.3 million in Boston Proper DTC liabilities held for sale.
Debt
During the second quarter of fiscal 2015, the Company repaid $26.5 million borrowed against the Company's credit facilities. At the end of the quarter, the Company had $97.2 million in net borrowings outstanding under its term loan commitment and no borrowings outstanding under its revolving credit facility.
Accelerated Stock Repurchase Agreements
During the second quarter of fiscal 2015, the Company received 3.9 million additional shares upon the completion of the accelerated stock repurchase agreements ("ASR Agreements") entered into in the first quarter of fiscal 2015. Under the ASR Agreements, the Company repurchased a total of 14.6 million shares for $250.0 million.
ABOUT CHICO’S FAS, INC.
The Company, through its brands – Chico's, White House | Black Market, Soma, and Boston Proper, is a leading omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.
As of August 1, 2015, the Company operated 1,548 stores in the US and Canada and sold merchandise through franchise locations in Mexico. The Company’s merchandise is also available at www.chicos.com, www.whbm.com, www.soma.com, and www.bostonproper.com. For more detailed information on Chico's FAS, Inc., please go to our corporate website at www.chicosfas.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain statements contained herein, including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the Company or future results or events constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, and conditions in the specialty retail industry. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. Investors using forward-looking statements are encouraged to review the Company’s latest annual report on Form 10-K, its filings on Form 10-Q, management’s discussion and analysis in the Company’s latest annual report to stockholders, the Company’s filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Company’s business, results of operations and financial condition. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.
(Financial Tables Follow)
Executive Contact:
Jennifer Powers Adkins
Vice President – Investor Relations
Chico’s FAS, Inc.
(239) 346-4199
Chico’s FAS, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)
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| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Twenty-Six Weeks Ended | | Thirteen Weeks Ended |
| August 1, 2015 | | August 2, 2014 | | August 1, 2015 | | August 2, 2014 |
| Amount | | % of
Sales | | Amount | | % of
Sales | | Amount | | % of
Sales | | Amount | | % of
Sales |
Net sales: | | | | | | | | | | | | | | | |
Chico's | $ | 722,334 |
| | 52.6 | % | | $ | 722,271 |
| | 53.4 | % | | $ | 353,842 |
| | 52.0 | % | | $ | 349,983 |
| | 52.1 | % |
White House | Black Market | 436,957 |
| | 31.8 | % | | 431,087 |
| | 31.9 | % | | 212,437 |
| | 31.2 | % | | 213,914 |
| | 31.9 | % |
Soma | 166,410 |
| | 12.1 | % | | 149,738 |
| | 11.0 | % | | 89,864 |
| | 13.2 | % | | 81,905 |
| | 12.2 | % |
Boston Proper | 47,990 |
| | 3.5 | % | | 49,639 |
| | 3.7 | % | | 24,209 |
| | 3.6 | % | | 25,328 |
| | 3.8 | % |
Total net sales | 1,373,691 |
| | 100.0 | % | | 1,352,735 |
| | 100.0 | % | | 680,352 |
| | 100.0 | % | | 671,130 |
| | 100.0 | % |
Cost of goods sold | 611,953 |
| | 44.5 | % | | 618,372 |
| | 45.7 | % | | 314,384 |
| | 46.2 | % | | 319,658 |
| | 47.6 | % |
Gross margin | 761,738 |
| | 55.5 | % | | 734,363 |
| | 54.3 | % | | 365,968 |
| | 53.8 | % | | 351,472 |
| | 52.4 | % |
Selling, general and administrative expenses | 636,654 |
| | 46.3 | % | | 623,786 |
| | 46.1 | % | | 308,437 |
| | 45.3 | % | | 304,737 |
| | 45.4 | % |
Goodwill and trade name impairment charges | 66,941 |
| | 4.9 | % | | — |
| | 0.0 | % | | 66,941 |
| | 9.8 | % | | — |
| | 0.0 | % |
Restructuring and strategic charges | 31,041 |
| | 2.3 | % | | — |
| | 0.0 | % | | 16,166 |
| | 2.4 | % | | — |
| | 0.0 | % |
Income (loss) from operations | 27,102 |
| | 2.0 | % | | 110,577 |
| | 8.2 | % | | (25,576 | ) | | (3.7 | )% | | 46,735 |
| | 7.0 | % |
Interest (expense) income, net | (955 | ) | | (0.1 | )% | | 31 |
| | 0.0 | % | | (502 | ) | | (0.1 | )% | | (9 | ) | | 0.0 | % |
Income (loss) before income taxes | 26,147 |
| | 1.9 | % | | 110,608 |
| | 8.2 | % | | (26,078 | ) | | (3.8 | )% | | 46,726 |
| | 7.0 | % |
Income tax (benefit) provision | (8,500 | ) | | (0.6 | )% | | 40,600 |
| | 3.0 | % | | (28,200 | ) | | (4.1 | )% | | 16,600 |
| | 2.5 | % |
Net income | $ | 34,647 |
| | 2.5 | % | | $ | 70,008 |
| | 5.2 | % | | $ | 2,122 |
| | 0.3 | % | | $ | 30,126 |
| | 4.5 | % |
Per share data: | | | | | | | | | | | | | | | |
Net income per common share-basic | $ | 0.24 |
| | | | $ | 0.46 |
| | | | $ | 0.02 |
| | | | $ | 0.20 |
| | |
Net income per common and common equivalent share–diluted | $ | 0.24 |
| | | | $ | 0.46 |
| | | | $ | 0.02 |
| | | | $ | 0.20 |
| | |
Weighted average common shares outstanding–basic | 140,992 |
| | | | 148,584 |
| | | | 138,606 |
| | | | 148,694 |
| | |
Weighted average common and common equivalent shares outstanding–diluted | 141,339 |
| | | | 149,127 |
| | | | 138,961 |
| | | | 149,218 |
| | |
Dividends declared per share | $ | 0.2325 |
| | | | $ | 0.2250 |
| | | | $ | 0.0775 |
| | | | $ | 0.0750 |
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Chico’s FAS, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
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| | | | | | | | | | | |
| August 1, 2015 | | January 31, 2015 | | August 2, 2014 |
| | | | | |
ASSETS | | | | | |
Current Assets: | | | | | |
Cash and cash equivalents | $ | 109,015 |
| | $ | 133,351 |
| | $ | 114,387 |
|
Marketable securities, at fair value | 47,999 |
| | 126,561 |
| | 94,276 |
|
Inventories | 239,043 |
| | 235,159 |
| | 238,072 |
|
Prepaid expenses and other current assets | 68,979 |
| | 51,088 |
| | 50,744 |
|
Assets held for sale | 85,941 |
| | 16,800 |
| | — |
|
Total Current Assets | 550,977 |
| | 562,959 |
| | 497,479 |
|
Property and Equipment, net | 563,583 |
| | 606,147 |
| | 635,651 |
|
Other Assets: | | | | | |
Goodwill | 96,774 |
| | 145,627 |
| | 171,427 |
|
Other intangible assets, net | 38,930 |
| | 109,538 |
| | 116,017 |
|
Other assets, net | 15,522 |
| | 14,310 |
| | 10,828 |
|
Total Other Assets | 151,226 |
| | 269,475 |
| | 298,272 |
|
| $ | 1,265,786 |
| | $ | 1,438,581 |
| | $ | 1,431,402 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | |
Current Liabilities: | | | | | |
Accounts payable | $ | 148,288 |
| | $ | 144,534 |
| | $ | 156,091 |
|
Current debt | 10,000 |
| | — |
| | — |
|
Other current and deferred liabilities | 150,433 |
| | 158,396 |
| | 140,545 |
|
Liabilities held for sale | 7,297 |
| | — |
| | — |
|
Total Current Liabilities | 316,018 |
| | 302,930 |
| | 296,636 |
|
Noncurrent Liabilities: | | | | | |
Long-term debt | 87,186 |
| | — |
| | — |
|
Deferred liabilities | 138,815 |
| | 142,371 |
| | 141,704 |
|
Deferred taxes | 13,562 |
| | 49,659 |
| | 47,441 |
|
Total Noncurrent Liabilities | 239,563 |
| | 192,030 |
| | 189,145 |
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Stockholders’ Equity: | | | | | |
Preferred stock | — |
| | — |
| | — |
|
Common stock | 1,394 |
| | 1,529 |
| | 1,530 |
|
Additional paid-in capital | 422,387 |
| | 407,275 |
| | 393,031 |
|
Treasury stock, at cost | (249,854 | ) | | — |
| | — |
|
Retained earnings | 535,613 |
| | 534,255 |
| | 551,003 |
|
Accumulated other comprehensive income | 665 |
| | 562 |
| | 57 |
|
Total Stockholders’ Equity | 710,205 |
| | 943,621 |
| | 945,621 |
|
| $ | 1,265,786 |
| | $ | 1,438,581 |
| | $ | 1,431,402 |
|
Chico’s FAS, Inc. and Subsidiaries
Condensed Consolidated Cash Flow Statements
(Unaudited)
(in thousands)
|
| | | | | | | |
| Twenty-Six Weeks Ended |
| August 1, 2015 | | August 2, 2014 |
Cash Flows From Operating Activities: | | | |
Net income | $ | 34,647 |
| | $ | 70,008 |
|
Adjustments to reconcile net income to net cash provided by operating activities — | | | |
Goodwill and trade name impairment charges, pre-tax | 66,941 |
| | — |
|
Depreciation and amortization | 61,672 |
| | 60,373 |
|
Loss on disposal and impairment of property and equipment | 21,603 |
| | 209 |
|
Deferred tax benefit | (39,881 | ) | | (4,443 | ) |
Stock-based compensation expense | 13,657 |
| | 12,684 |
|
Excess tax benefit from stock-based compensation | (2,170 | ) | | (1,196 | ) |
Deferred rent and lease credits | (9,219 | ) | | (9,221 | ) |
Changes in assets and liabilities: | | | |
Inventories | (15,165 | ) | | 73 |
|
Prepaid expenses and other assets | (19,212 | ) | | (1,645 | ) |
Accounts payable | (3,045 | ) | | 13,346 |
|
Accrued and other liabilities | 2,254 |
| | 12,952 |
|
Net cash provided by operating activities | 112,082 |
| | 153,140 |
|
Cash Flows From Investing Activities: | | | |
Purchases of marketable securities | (29,460 | ) | | (42,700 | ) |
Proceeds from sale of marketable securities | 107,994 |
| | 64,407 |
|
Purchases of property and equipment, net | (42,836 | ) | | (62,966 | ) |
Net cash provided by (used in) investing activities | 35,698 |
| | (41,259 | ) |
Cash Flows From Financing Activities: | | | |
Proceeds from borrowings | 124,000 |
| | — |
|
Payments on borrowings | (26,500 | ) | | — |
|
Proceeds from issuance of common stock | 9,087 |
| | 4,297 |
|
Excess tax benefit from stock-based compensation | 2,170 |
| | 1,196 |
|
Dividends paid | (22,160 | ) | | (22,901 | ) |
Repurchase of common stock | (258,834 | ) | | (16,527 | ) |
Net cash used in financing activities | (172,237 | ) | | (33,935 | ) |
Effects of exchange rate changes on cash and cash equivalents | 121 |
| | (3 | ) |
Net (decrease) increase in cash and cash equivalents | (24,336 | ) | | 77,943 |
|
Cash and Cash Equivalents, Beginning of period | 133,351 |
| | 36,444 |
|
Cash and Cash Equivalents, End of period | $ | 109,015 |
| | $ | 114,387 |
|
Changes in assets and liabilities reflect Boston Proper DTC assets and liabilities prior to reclassification to held for sale.
Supplemental Detail on Earnings Per Share Calculation
In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the “two-class” method. For the Company, participating securities are composed entirely of unvested restricted stock awards and performance-based restricted stock units (“PSUs”) that have met their relevant performance criteria.
Earnings per share is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of potential common shares from non-participating securities such as stock options and PSUs. For the twenty-six and thirteen weeks ended August 1, 2015 and August 2, 2014, potential common shares were excluded from the computation of diluted EPS to the extent they were antidilutive.
The following unaudited table sets forth the computation of basic and diluted earnings per share shown on the face of the accompanying condensed consolidated statements of income (in thousands, except per share amounts):
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| | | | | | | | | | | | | | | |
| Twenty-Six Weeks Ended | | Thirteen Weeks Ended |
| August 1, 2015 | | August 2, 2014 | | August 1, 2015 | | August 2, 2014 |
| | | | | | | |
Numerator | | | | | | | |
Net income | $ | 34,647 |
| | $ | 70,008 |
| | $ | 2,122 |
| | $ | 30,126 |
|
Net income and dividends declared allocated to participating securities | (804 | ) | | (1,902 | ) | | (28 | ) | | (842 | ) |
Net income available to common shareholders | $ | 33,843 |
| | $ | 68,106 |
| | $ | 2,094 |
| | $ | 29,284 |
|
| | | | | | | |
Denominator | | | | | | | |
Weighted average common shares outstanding – basic | 140,992 |
| | 148,584 |
| | 138,606 |
| | 148,694 |
|
Dilutive effect of non-participating securities | 347 |
| | 543 |
| | 355 |
| | 524 |
|
Weighted average common and common equivalent shares outstanding – diluted | 141,339 |
| | 149,127 |
| | 138,961 |
| | 149,218 |
|
| | | | | | | |
Net income per common share*: | | | | | | | |
Basic | $ | 0.24 |
| | $ | 0.46 |
| | $ | 0.02 |
| | $ | 0.20 |
|
Diluted | $ | 0.24 |
| | $ | 0.46 |
| | $ | 0.02 |
| | $ | 0.20 |
|
*Due to the differences between quarterly and year-to-date weighted average share counts and the effect of quarterly rounding to the nearest cent per diluted share, the year-to-date calculation of GAAP and non-GAAP diluted EPS may not equal the sum of the quarters.
SEC Regulation G - The Company reports its consolidated financial results in accordance with generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP results, which exclude certain charges, may provide a more meaningful measure on which to compare the Company’s results of operations between periods. The Company believes these non-GAAP results provide useful information to both management and investors by excluding certain expenses that impact the comparability of the results. A reconciliation of net income and earnings per diluted share on a GAAP basis to net income and earnings per diluted share on a non-GAAP basis is presented in the table below:
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| | | | | | | | | | | | | | | | |
Chico’s FAS, Inc. and Subsidiaries |
GAAP to Non-GAAP Reconciliation of Net Income and Diluted EPS |
(Unaudited) |
(in thousands, except per share amounts) |
| | | | | | | | |
| | Twenty-Six Weeks Ended | | Thirteen Weeks Ended |
| | August 1, 2015 | | August 2, 2014 | | August 1, 2015 | | August 2, 2014 |
Net income: | | | | | | | | |
GAAP basis | | $ | 34,647 |
| | $ | 70,008 |
| | $ | 2,122 |
| | $ | 30,126 |
|
Goodwill and trade name impairment charges, net of tax | | 47,127 |
| | — |
| | 47,127 |
| | — |
|
Restructuring and strategic charges, net of tax | | 19,334 |
| | — |
| | 10,070 |
| | — |
|
Tax benefit related to the expected disposition of Boston Proper's stock | | (23,779 | ) | | — |
| | (23,779 | ) | | — |
|
Non-GAAP adjusted basis | | $ | 77,329 |
| | $ | 70,008 |
| | $ | 35,540 |
| | $ | 30,126 |
|
| | | | | | | | |
Net income per diluted share: | | | | | | | | |
GAAP basis | | $ | 0.24 |
| | $ | 0.46 |
| | $ | 0.02 |
| | $ | 0.20 |
|
Goodwill and trade name impairment charges, net of tax | | 0.33 |
| | 0.00 |
| | 0.33 |
| | 0.00 |
|
Restructuring and strategic charges, net of tax | | 0.13 |
| | 0.00 |
| | 0.07 |
| | 0.00 |
|
Tax benefit related to the expected disposition of Boston Proper's stock | | (0.17 | ) | | 0.00 |
| | (0.17 | ) | | 0.00 |
|
Non-GAAP adjusted basis | | $ | 0.53 |
| | $ | 0.46 |
| | $ | 0.25 |
| | $ | 0.20 |
|
|
| | | | | | | | | | | | | | |
Chico's FAS, Inc. and Subsidiaries |
Store Count and Square Footage |
Thirteen Weeks Ended August 1, 2015 |
(Unaudited) |
| | | | | | | | | |
| May 2, 2015 | | New Stores | | Closures | | August 1, 2015 | | |
Store count: | | | | | | | | | |
Chico’s frontline boutiques | 612 |
| | 2 |
| | (5 | ) | | 609 |
| | |
Chico’s outlets | 118 |
| | 1 |
| | — |
| | 119 |
| | |
Chico's Canada | 4 |
| | — |
| | — |
| | 4 |
| | |
WH|BM frontline boutiques | 440 |
| | — |
| | (5 | ) | | 435 |
| | |
WH|BM outlets | 69 |
| | 2 |
| | — |
| | 71 |
| | |
WH|BM Canada | 6 |
| | — |
| | — |
| | 6 |
| | |
Soma frontline boutiques | 266 |
| | 3 |
| | (2 | ) | | 267 |
| | |
Soma outlets | 17 |
| | — |
| | — |
| | 17 |
| | |
Boston Proper frontline boutiques | 20 |
| | — |
| | — |
| | 20 |
| | |
Total Chico’s FAS, Inc. | 1,552 |
| | 8 |
| | (12 | ) | | 1,548 |
| | |
| | | | | | | | | |
| May 2, 2015 | | New Stores | | Closures | | Other changes in SSF | | August 1, 2015 |
Net selling square footage (SSF): | | | | | | | | | |
Chico’s frontline boutiques | 1,673,063 |
| | 4,864 |
| | (13,588 | ) | | (1,630 | ) | | 1,662,709 |
|
Chico’s outlets | 295,600 |
| | 1,975 |
| | — |
| | 178 |
| | 297,753 |
|
Chico's Canada | 9,695 |
| | — |
| | — |
| | — |
| | 9,695 |
|
WH|BM frontline boutiques | 1,009,392 |
| | — |
| | (10,382 | ) | | — |
| | 999,010 |
|
WH|BM outlets | 144,106 |
| | 4,596 |
| | — |
| | — |
| | 148,702 |
|
WH|BM Canada | 14,891 |
| | — |
| | — |
| | — |
| | 14,891 |
|
Soma frontline boutiques | 502,720 |
| | 6,062 |
| | (4,980 | ) | | (58 | ) | | 503,744 |
|
Soma outlets | 31,672 |
| | — |
| | — |
| | — |
| | 31,672 |
|
Boston Proper frontline boutiques | 34,465 |
| | — |
| | — |
| | — |
| | 34,465 |
|
Total Chico’s FAS, Inc. | 3,715,604 |
| | 17,497 |
| | (28,950 | ) | | (1,510 | ) | | 3,702,641 |
|
As of August 1, 2015 the Company also sold merchandise through 33 international franchise locations.
|
| | | | | | | | | | | | | | |
Chico's FAS, Inc. and Subsidiaries |
Store Count and Square Footage |
Twenty-Six Weeks Ended August 1, 2015 |
(Unaudited) |
| | | | | | | | | |
| January 31, 2015 | | New Stores | | Closures | | August 1, 2015 | | |
Store count: | | | | | | | | | |
Chico’s frontline boutiques | 613 |
| | 5 |
| | (9 | ) | | 609 |
| | |
Chico’s outlets | 118 |
| | 2 |
| | (1 | ) | | 119 |
| | |
Chico's Canada | 3 |
| | 1 |
| | — |
| | 4 |
| | |
WH|BM frontline boutiques | 441 |
| | 2 |
| | (8 | ) | | 435 |
| | |
WH|BM outlets | 68 |
| | 3 |
| | — |
| | 71 |
| | |
WH|BM Canada | 5 |
| | 1 |
| | — |
| | 6 |
| | |
Soma frontline boutiques | 263 |
| | 6 |
| | (2 | ) | | 267 |
| | |
Soma outlets | 17 |
| | — |
| | — |
| | 17 |
| | |
Boston Proper frontline boutiques | 19 |
| | 1 |
| | — |
| | 20 |
| | |
Total Chico’s FAS, Inc. | 1,547 |
| | 21 |
| | (20 | ) | | 1,548 |
| | |
| | | | | | | | | |
| January 31, 2015 | | New Stores | | Closures | | Other changes in SSF | | August 1, 2015 |
Net selling square footage (SSF): | | | | | | | | | |
Chico’s frontline boutiques | 1,674,640 |
| | 12,671 |
| | (23,297 | ) | | (1,305 | ) | | 1,662,709 |
|
Chico’s outlets | 295,600 |
| | 4,381 |
| | (2,406 | ) | | 178 |
| | 297,753 |
|
Chico's Canada | 7,313 |
| | 2,382 |
| | — |
| | — |
| | 9,695 |
|
WH|BM frontline boutiques | 1,010,242 |
| | 4,837 |
| | (17,156 | ) | | 1,087 |
| | 999,010 |
|
WH|BM outlets | 141,900 |
| | 6,802 |
| | — |
| | — |
| | 148,702 |
|
WH|BM Canada | 12,460 |
| | 2,431 |
| | — |
| | — |
| | 14,891 |
|
Soma frontline boutiques | 498,642 |
| | 11,339 |
| | (4,980 | ) | | (1,257 | ) | | 503,744 |
|
Soma outlets | 31,672 |
| | — |
| | — |
| | — |
| | 31,672 |
|
Boston Proper frontline boutiques | 33,035 |
| | 1,430 |
| | — |
| | — |
| | 34,465 |
|
Total Chico’s FAS, Inc. | 3,705,504 |
| | 46,273 |
| | (47,839 | ) | | (1,297 | ) | | 3,702,641 |
|
As of August 1, 2015 the Company also sold merchandise through 33 international franchise locations.
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